Posco Posts 637 Billion Won In Net Profit For Q2

- Jul 24, 2018-

Korea Joong-ang Daily reported that Posco posted KWR 636.6 billion in consolidated net profit during the second quarter this year, a 20.1 percent increase on-year. Its operating profit was KWR 1.25 trillion, up 27.9 percent year-on-year. According to the steelmaker, it is the fourth straight quarter that the company’s operating profit has surpassed the KWR 1 trillion mark. Its revenue grew by 7.6 percent on-year to KWR 16.08 trillion.

Its overseas affiliates contributed to the profit boost. PT Krakatau Posco, a steel mill in Indonesia, posted a record quarterly operating profit thanks to a steel price hike and sales increase. Its operating profit almost doubled from ?22 million in the first quarter to ?50 million in the second quarter while net profit turned around from a ?16 million loss to a ?7 million surplus.

Posco alone posted 7.7 trillion won in revenue, up 8 percent from the previous year, and 822.1 billion won in operating profit, a 40.5 percent jump year-on-year.

The company said in a statement that it raised its annual earnings target by 2.2 trillion won in revenue to 64.1 trillion won. Posco alone raised the target by 1.3 trillion won to 30.3 trillion won in revenue.

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